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20 years on: asset prices, credit growth reminiscent of Asian Financial Crisis – S&P

July 4, 2017

SINGAPORE - Countries that suffered in the Asian Financial Crisis 20 years ago have substantially reduced their external vulnerabilities and improved risk management over the past two decades, but high asset prices and rapid credit growth in recent years are reminiscent of conditions that prevailed when the Thai baht's peg broke on July 2, 1997, S&P Global Ratings says in report published today.

Xi, Putin agree to boost co-ordination on major issues, including North Korea

July 4, 2017

BEJING - Visiting Chinese President Xi Jinping and his Russian counterpart, Vladimir Putin, met here Monday and agreed to further cement bilateral ties and strengthen coordination on the Korean Peninsula and other major issues, accosrding to the State newsagency Xinhua.

“China and Russia are comprehensive strategic partners of co-ordination, and it is quite important for them to intensify communication and co-ordination in dealing with major affairs, said Xi, who had a meeting with Putin in the Kremlin shortly after his arrival in Moscow,” said the Xinhua report.

China’s latest PMIs point to 6.5% growth in 2017: BBVA

July 3, 2017

HONG KONG - China’s official manufacturing PMI (released last Friday) picked up significantly to 51.7 in June from 51.2 in May, well above market expectations (consensus: 51), and following the same trend, the Caixin China Manufacturing PMI announced today, which includes a survey sample tilting toward SMEs and exporters, increased to 50.4 in June from 49.6 the previous month (Ccnsensus: 49.8).

China adopts new “negative list” management approach for foreign companies

June 29, 2017

BEIJING - China announced yesterday that it will use a “negative list” management approach for all foreign investment, open up more sectors and further relax restrictions for foreign businesses. State newsagency Xinhua reported that, from July 28, the negative list approach, which identifies sectors and businesses that are off limits or restricted, will be implemented nationwide.

China hits back at EU over piracy allegations

June 29, 2017

BEIJING - China has questioned Europol allegations that the Chinese Mainland and Hong Kong are the world centres for fake goods, saying it might be an excuse for protectionism. The State newsagency Xinhua quoted Zhao Ping, of the China Council for the Promotion of International Trade, as saying: “It may be convincing that they have figures for fake Chinese products in Europe, but it is suspicious that they calculated fake products in China and even China’s share of global fake products.” 

China, India to account for half of all new mobile subscribers by 2020

June 28, 2017

SHANGHAI - China and India will account for almost half of all new mobile subscribers expected to be added worldwide by the end of the decade, according to a new GSMA study. The 2017 edition of the GSMA’s ‘Mobile Economy: Asia Pacific’ report, forecasts that India will account for 27% (206 million) and China 21% (155 million) of the approximately 753 million new mobile subscribers expected to be added globally by the end of 2020.

S&P tips 4% annual growth for Malaysia through to 2020

June 23, 2017

 KUALA LUMPUR – Ratings agency Standard and Poor’s expects Malaysian authorities to continue to implement prudent budgetary and economic policies, with the country's economy to grow at an average rate of over 4% between now and 2020. “Stocks of public and private debt, and contingent public liabilities are
considerable, but overwhelmingly denominated in the domestic currency, S&P says.